Marathon Oil Corporation - MRO STOCK NEWS

Marathon Oil Corporation (NYSE:MRO) has announced the election of Holli C. Ladhani to its board of directors, effective March 31, 2021. The company believes her extensive leadership experience, strong financial background, and knowledge of the energy industry will enhance the board's capability to execute strategies aimed at delivering robust corporate returns and sustainable free cash flow. Ladhani, previously the President and CEO of Select Energy, will serve on the Audit and Finance and Health, Environmental, Safety, and Corporate Responsibility committees.

Marathon Oil Corporation (NYSE:MRO) reported a fourth quarter net loss of $338 million, with an adjusted net loss of $98 million. For the full year 2020, the company incurred a net loss of $1.451 billion. The 2021 capital expenditure budget is set at $1 billion, targeting $1 billion in free cash flow at $50/bbl WTI. The company aims for a cumulative free cash flow of ~$5 billion through 2025, with a breakeven below $35/bbl WTI. Marathon also reinstated its dividend, returned ~$250 million to investors, and plans to reduce gross debt by $500 million in 2021.

Marathon Oil Corporation (NYSE: MRO) has announced a rescheduling of its fourth quarter and full-year 2020 earnings release to February 22, after the close of U.S. markets. The accompanying conference call will occur on February 23 at 10 a.m. ET. The change is attributed to recent inclement weather affecting Texas. This release will contain forward-looking information, crucial for investors and stakeholders.

Marathon Oil Corporation (NYSE: MRO) announced updates on its ESG performance, highlighting a 25% reduction in CEO and Board compensation. Changes include a simplified short-term incentive scorecard focusing on safety, environmental performance, and financial strength while eliminating production metrics. The long-term incentive framework was redesigned to incorporate free cash flow metrics and set new targets for reducing greenhouse gas emissions intensity by over 30% in 2021 and over 50% by 2025. The company aims to achieve continued safety improvements and enhance shareholder value through better governance.

Marathon Oil Corporation (NYSE: MRO) has declared a dividend of 3 cents per share on its common stock. The dividend will be payable on March 10, 2021, to shareholders recorded by February 17, 2021. This announcement reflects the company's ongoing commitment to returning value to its shareholders, showcasing confidence in its financial stability and operational performance.

Marathon Oil Corporation (NYSE: MRO) will release its fourth quarter and full-year 2020 earnings on February 17, after U.S. market close. A conference call is scheduled for February 18 at 9 a.m. ET, featuring forward-looking information. Investors can access earnings releases and materials on the company's website at MarathonOil.com. This announcement sets the stage for potential insights into the company's performance and future guidance.

Marathon Oil Corporation (NYSE:MRO) announced the election of Brent Smolik to its board of directors effective January 11, 2021. Chairman and CEO Lee Tillman expressed confidence in Smolik’s extensive experience in the oil and gas sector, which spans over 35 years, including leadership roles at major companies like Noble Energy and ConocoPhillips. The board anticipates that Smolik's insights will enhance Marathon's strategy focused on achieving competitive returns, sustainable cash flow generation, and capital returns to shareholders.

Marathon Oil Corporation (NYSE: MRO) has appointed Kimberly Warnica as senior vice president and general counsel, effective January 11, 2021. Warnica returns to Marathon Oil after serving as Executive Vice President and General Counsel at Alta Mesa Resources since 2018. Her previous roles at Marathon Oil included Assistant General Counsel. Chairman and CEO Lee Tillman expressed confidence in Warnica’s extensive legal experience within the energy sector, highlighting her leadership as a valuable addition to the legal team.

Marathon Oil Corporation (NYSE:MRO) reported a third quarter 2020 net loss of $317 million, equating to $0.40 per diluted share. The adjusted net loss was $219 million, or $0.28 per share. Despite losses, free cash flow was generated at $180 million, supported by a 25% decrease in drilling costs. The company achieved an average production of 172,000 net bopd, maintaining its full-year guidance. With $4.1 billion in liquidity and a commitment to a transparent capital allocation framework, Marathon Oil reinstated its dividend and reduced gross debt by $100 million.